Our literature review reveals a call for changes in business education to encourage responsible management. The Principles for Responsible Management Education (PRME) developed in 2007 under the coordination of the United Nations, Global Compact, AACSB International and other leading academic institutions promote responsible management in education. Literature review shows that responsible management as such remains undefined. This gap leads potentially to an absence of clarity in research, education and management, regarding responsible management among scholars and practitioners. This paper attempts to shed some light on the prevailing use of the term “responsible management” and to derive a tentative definition set. Its objective is to define the main characteristics of responsible management aimed at creating a platform for discussion so as to help organizations clarify their own vision. It builds on preliminary findings from literature review that responsible management remains undefined. As no empirical studies that examine business school students’ understanding of responsible management had been conducted to date, as these are primary stakeholders in management education, a qualitative study was conducted with European business school students. A framework summarizing their perceptions of responsible management characteristics was created and used to introduce a draft theoretical platform for discussion.